Deca

Direct Costs

Costs directly tied to production, such as raw materials and labor.

Indirect Costs

Costs not directly linked to production, like utilities.

Opportunity Costs

Potential profit loss when choosing one option over another.

Intangible Costs

Non-quantifiable costs related to non-financial impacts.

One Time Cost

Costs that are paid once.

Hidden Costs

Unexpected costs that arise later.

Stakeholders

Persons with an interest or concern in a business.

Internal Stakeholders

Employees, managers, and board members.

External Stakeholders

Customers, suppliers, and government agencies.

Risk Assessment

Identifying and analyzing potential risks.

Control Measures

Implementing safety controls to mitigate risks.

Workplace Incident Reporting

System for investigating causes and addressing safety issues.

Direct Mail Marketing

Cost-effective method for reaching targeted audiences.

Productivity Formula

Total output divided by number of employee work hours.

Push Strategy

Focuses on pushing products through distribution channels.

Pull Strategy

Engages consumers directly to create demand.

Cost of Goods Sold (COGS)

Calculation: beginning inventory + purchases - ending inventory.

Marketing Plans

Roadmap for achieving company objectives and focusing on long-term goals.

Capital Expenditure

Significant investments in assets providing long-term benefits.

Competitor Analysis

Using secondary data to reveal competitor strategies.

Key Performance Indicators (KPIs)

Metrics that align with business objectives to measure performance.

Non-Disclosure Agreements (NDAs)

Prevent sharing of sensitive information with competitors.

Corporations

Business types generating the majority of sales.

Industrial Goods

Goods sold to companies for production.

Consumer Goods

Products sold directly to consumers.

Misuse of Company Resources

Using company assets for personal purposes is unethical.

Financial Growth and Expansion

Steps established businesses take to expand.

Economies of Scale

As production increases, fixed costs per unit decrease.

Business Process Improvements

Using technology to streamline and enhance efficiency.

Intermediary Functions

Intermediaries buy in bulk and sell in smaller quantities.

Innovation through Knowledge Sharing

Exposure to diverse ideas fosters creativity.

Change Management

Guiding teams or organizations through transitions.

Press Kit Essentials

Provides media with detailed business information.

Market Research and Sales Data

Sales team insights into customer demographics and preferences.

Corporate Governance

Ensures accountability, fairness, and transparency in management.

Pricing Strategy

Reflects market demand, competition, and profit margins.

Subsidies

Financial assistance provided to encourage business growth.

Employee Information Reporting

Reporting requirements for federal record-keeping.

Profit-and-Loss Statements

Evaluate sufficiency of funds for hiring staff.

Human Factors

Considerations of human needs in designing work processes.

Digital Advertising

Tools that help control exposure to marketing.

Perishability

Products that expire quickly require efficient distribution.

Business Analysis for Efficiency

Evaluating methods to enhance organizational performance.

Variable Costs

Costs that fluctuate based on production levels.

Fixed Costs

Constant expenses that remain the same over time.

External Controls

Standards ensuring companies adhere to regulations.

Indirect Competitors

Businesses serving similar customer needs with different products.

Direct Competitors

Companies offering nearly identical products to the same market.

Cross-Functional Teams

Teams from different departments working together.

Debt Financing

Allows control over spending without diluting ownership.

Performance Simulation Tests

Tests that measure job skills and predict performance.

Creating Value for Buyers

Enhancing profitability and market position when selling a business.

Consistent Experiences

Reinforcing trust through customer interactions.

Social Media

Direct engagement with customers for brand building.

Key Activities in Supply Chain Management

Coordination of production, shipping, and distribution.

Reducing Risk in Innovation

Confirming market demand before launching new ideas.

Current Assets

Items convertible to cash within a year.

Adding Utility in Selling

Ensuring products are available when customers need them.

Emotional Risk

Personal sacrifices faced by entrepreneurs due to business demands.

Data Mining

Analyzing historical data to forecast future performance.

Employee Awareness of Policy Changes

Ensuring understanding of new guidelines.

Legally Binding Contracts

Contracts that bind parties to specific terms.

When to Lease

Leasing provides flexibility when cash flow is limited.

Flexibility in Entrepreneurship

Ability to control schedules and work-life balance.

Retail Buyers

Purchase goods to sell directly to consumers.

Prescriptive Analytics

Recommends specific actions based on data insights.

Predictive Analytics

Forecasts future trends using historical data.

Adaptable Marketing Strategies

Flexibility to respond to marketplace changes.

Quality Control

Inspecting products to identify defects.

Quality Assurance

Establishing processes to ensure product quality.

Comprehensive Approach of ERM

Manage risks across the organization.

Progress Monitoring

Increases likelihood of achieving goals.

Purchase Order (PO)

Document specifying items and prices for purchase.

Ethical Action in Workplace

Promoting fairness by addressing unfair treatment.

Strategic Partnership

Cooperating to achieve mutual benefits.

Employee Assistance Programs (EAPs)

Support services for employees in various areas.

Work Experience as Inspiration

Real-world experiences reveal new product opportunities.

Product Line

Related products marketed by the same company.

Product Mix

Entire range of products a company offers.

Observation Method

Collecting data by observing customer behavior.

Effective Remedial Actions

Should be private, timely, respecting professional environment.

Management by Objectives (MBO)

Evaluates performance based on specific goals.

Continuation Planning

Ensures production despite disruptions.

Short-Term Vision Pitfall

May lack long-term stability.

Periodic Market Checks

Stay relevant in evolving markets.

Key Specifications for Tech

Prioritize compatibility, reliability, and cost-effectiveness.

Elastic Demand

Small price changes significantly impact demand.

Consumer-Driven Pricing

Customers determine acceptable price levels.

Process-Oriented Planning

Mapping steps for project objectives.

Customer Relationship Management (CRM)

Managing interactions with customers to enhance loyalty.

Startup Expenses

Costs for setting up business foundations.

Adventurous Spirit

Quality required for entrepreneurs facing uncertainties.

Cost Control Focus

Optimizing resources while maintaining profitability.

Entrepreneurial Responsibility

Ethical behavior depends on entrepreneur’s actions.

Table of Contents

Quickly locating sections in formal reports.

Total Cash Available

Beginning balance plus cash receipts equals available funds.

Product Line Extension

Adding complementary items to increase variety.

Order-Based Supply Chain

Purchases based on demand to avoid excess inventory.

Understanding Consumer Diversity

Recognizing unique preferences in market segments.

Market Research

Validates demand for new ideas before committing resources.